Rockville, April 27, 2023 (GLOBE NEWSWIRE) -- The market for specialty malt is expected to grow at a robust 6.1% CAGR over the following ten years, reaching a worth of US$ 2.2 billion in 2023. The global specialty malt market is anticipated to generate US$ 4 billion by the end of 2033.
Specialty malt is malt that has been soaked in unusual methods to bring out a particular desired flavor. Over the next few years, the market for specialty malt is anticipated to be significantly influenced by the rising demand for alcoholic and non-alcoholic beverages globally.
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Drivers
- Specialty malt is an essential ingredient in craft beer, which has witnessed a surge in popularity in recent years. As consumers become more interested in unique and artisanal beer flavors, the demand for specialty malt has increased.
- Moreover, specialty malt is also used in a variety of food products, including bread, pastries, and cereals. The demand for natural and healthy ingredients in the food industry has driven the adoption of specialty malt as a natural flavoring and coloring agent.
- Consumers are increasingly concerned about the use of genetically modified ingredients and synthetic additives in their food and beverages. Specialty malt is often produced using natural, organic, and non-GMO ingredients, making it a desirable choice for consumers.
- Specialty malt is often used as a substitute for traditional malt in gluten-free products, such as gluten-free beer and baked goods. The increasing prevalence of gluten sensitivities and celiac disease has driven the demand for gluten-free products, leading to greater demand for specialty malt.
- Specialty malt is also used as a feed ingredient for livestock and pets. As the demand for high-quality animal feed has increased, the use of specialty malt in animal feed has also grown.
Market Restraints
- Barley is the primary raw material used in the production of specialty malt. Any disruptions or fluctuations in barley production can have a significant impact on the availability and cost of specialty malt.
- The production of specialty malt is a labor-intensive process that requires specialized equipment and expertise. As a result, the cost of producing specialty malt can be higher than traditional malt, which may limit its adoption in some markets.
- Despite the growing popularity of craft beer and artisanal food products, many consumers are still not familiar with specialty malt and its uses. This lack of awareness can limit demand for specialty malt, particularly in less developed markets.
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Market Trends:
- As consumers become more concerned about the use of genetically modified ingredients and synthetic additives in their food and beverages, the demand for organic and non-GMO specialty malt has increased.
- With the rising prevalence of gluten sensitivities and celiac disease, the demand for gluten-free specialty malt has grown. Specialty malt is often used as a substitute for traditional malt in gluten-free products, such as gluten-free beer and baked goods.
- Specialty malt is often used to provide unique flavors and characteristics to food and beverage products. As a result, there has been a growing trend toward the development of new and innovative flavors and varieties of specialty malt.
- Specialty malt is being used in a variety of food products, including bread, pastries, and cereals. The demand for natural and healthy ingredients in the food industry has driven the adoption of specialty malt as a natural flavoring and coloring agent.
- Specialty malt is an essential ingredient in craft beer, which has seen a surge in popularity in recent years. As consumers become more interested in unique and artisanal beer flavors, the demand for specialty malt has increased.
Competitive Landscape:
Key specialty malt providers are focusing on collaborations and agreements to expand their market share. Several specialty malt producers announced plans to expand their production capacity in response to growing demand.
- For example, Malteurop Group announced the expansion of its specialty malt production facility in France, while Crisp Malt opened a new malting plant in the UK.
Several specialty malt producers launched new products aimed at meeting changing consumer preferences.
- For instance, Simpsons Malt launched a new smoked malt product, while Cargill introduced a range of organic and non-GMO malt products.
There were several partnership and acquisition activities in the Specialty Malt Market aimed at expanding product offerings and global presence. For example, the merger of Soufflet Group and Cargill Malt, and the acquisition of Viking Malt by Polttimo Group.
Key Companies Profiled
- IREKS Gmbh
- Groupe Soufflet
- Malteurop
- Axereal
- Baird’s
- Patagonia
- Briess Malt & Ingredients Company
- Viking Malt Oy
- Simpsons Malt Limited
- Cargill Inc.
- Weyermann
- Barmalt India Pvt Ltd.
- GrainCorp Ltd.
- Cooperative Agraria Agroindustrial
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Key Segments of Specialty Malt Industry Research
- By Product Type:
- Caramelized Malt
- Roasted Malt
- By Source:
- Barley
- Wheat
- Rye
- Others
- By Extract:
- Dry
- Liquid
- Malt Flours
- By Application:
- Individual
- Institutional
- Promotional
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Key Questions Covered in the Specialty Malt Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Specialty Malt sales grow until 2033?
- Which are the factors hampering the Specialty Malt demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Specialty Malt Market during the forecast period?
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